Sumary of US STOCKS-Wall Street gains as crude price surge, strong economic data prompt broad rally:
- By Stephen Culp4 Min ReadNEW YORK (Reuters) – U.S. stocks closed higher on Wednesday as rising crude prices boosted energy shares and a swath of positive U.S. data suggested inflation has crested and the economic recovery remains robust, boosting investor sentiment.
- Import prices posted their first monthly decline since October 2020, in the latest sign that the wave of price spikes has crested, further supporting the Federal Reserve’s position that current inflationary pressures are transitory.
- The graphic below shows major indicators against the Fed’s average annual 2% inflation target.
- (Graphic: Inflation, )FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File PhotoThe Dow Jones Industrial Average rose 236.82 points, or 0.68%, to 34,814.39;
- Energy was by far the biggest gainer, benefiting from a jump in crude prices driven by a drawdown in U.S. stocks.
- U.S.-listed Chinese stocks extended recent losses, as weak retail sales data pointed to a possible economic slowdown in the mainland, while Beijing’s regulatory overhaul of Macau’s casino industry further dampened appetite for Chinese stocks.
- U.S.-based casino operators Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International slid between 1.7% and 6.3%.